Outlook of IVD industry

India is poised to be a leading player in the global IVD market. Besides being at the forefront of medical device engineering, the country is also a top global exporter of IVD solutions.

The Indian IVD industry is focused on developing innovation-driven and cost-effective tests and analyzers that provide precise, reliable, and accurate results to ensure rapid diagnosis.

Diagnostic laboratories are aggressively embracing automation, leading to increased efficiency, reduced batch testing, and improved turnaround time between tests and results. Artificial intelligence (AI) and machine learning (ML) will catalyze enhanced diagnostic precision by positively impacting the functioning of healthcare professionals, lab staff, and IVD manufacturers. Through integrated lab automation, Aster Labs has reduced manual intervention, delivered error-free pre- and post-analytical reports, increased efficiency, reduced material consump­tion, and minimized wastage.

By employing state-of-the-art technology, Aster Labs addresses the high-volume testing demand, focusing on routine testing with reduced turnaround time (TAT) and delivering accurate reports. AI-based diagnostic devices have enhanced the lab workflow efficiencies and increased sample testing volumes.

In 2021-22, Aster Labs scaled up lab service capacity by employing relevant technology, leveraging resources and optimizing processes, and achieved increased accessibility for consumers through a growing network of labs, including global reference labs, regional reference labs, satellite labs and 100+ patient experience centers.

This year, Aster Labs plans to extend its reach by entering the northern and eastern regions of the country, to provide quality diagnostic services across the country.

Aster Lab’s commitment to engaging with healthcare professionals promotes transparent scientific dialogue and interaction with experts to improve clinical practice and care for patients.

Despite being a new entrant in the diagnostics market in India, Aster Labs offers cytogenetics, flowcytometry, new-born screening, and liquid-based chromatography testing, among others, and aspires to be a recommended brand for specialty and superspecialty tests.

Aster Labs endorses accreditation of labs to ensure accurate and rapid diagnostics, efficiency of treatment, and reduction of errors in the laboratory process, and promote a system of standard procedures aimed at improving service quality and patient safety. Aster Labs operates eight NABL-accredited labs and plans to expand to 15+ labs by end of FY 2022-23.

Affordable diagnostics is instrumental in reducing health expenditure. Accessibility, affordability, and assured quality in healthcare will transform India’s diagnostic and healthcare ecosystem into a thriving market with a futuristic vision.